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What is 'Fair Market Value - FMV' In its simplest sense, fair market value (FMV) is the price that property would sell for on the open market.
International Valuation Standards defines market value as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an armâs-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion..